Is it SAFE yet?

Submitted by paula.parisot on Fri, 07/30/2010 - 09:53

The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) is finally bringing its new rules current.  Mortgage loan originators are required to be fingerprinted and be listed on a central registry. 

The SAFE Act, which was initiated by the Fed, Comptroller of the Currency, Federal Deposit Insurance Corp, Office of Thrift Supervision, Farm Credit Administration and National Credit Union Administration, specifies that mortgage brokers must register with the Nationwide Mortgage Licensing System and Registry.

Do you think these new policies will deter fraudsters?

Read the whole Rueters story here at Yahoo News.